MIRA collected MVR 1.67 billion as revenue in November 2023. This is an increment of 10.5% compared to the same period last year. Moreover, it is an increment of 9.3% compared to the forecasted amount for November 2023.
The increment in revenue of November 2023 compared to November 2022 is mainly due to the increase in collection of TGST and GGST, as the tax rate is higher than last year. Additionally, collection of expatriate quota fee in this year, along with the dues collection of Tourism Land Rent led to this favourable outcome in revenue. Furthermore, MIRA has stated that tourist arrivals in October 2023 increased by 3.5% compared to October 2022, which led to an increment in tourist related revenues.
In addition, MIRA has stated that revenue collection increased in comparison to forecasted revenue mainly due to the increment in the collection of Expatriate Quota Fee, TGST, Tourism Land Rent, Corporate Income Tax and Work Permit Fee. Furthermore, Dues from the prior deadlines were received during this month for Income Tax, TGST and Tourism Land Rent contributing to increment in revenue collected. Moreover, MIRA has stated that tourist arrivals of October 2023 are 0.8% higher than the projected tourist arrivals, which led to an increment in tourist related revenues.
In November 2023, GST accounted for the largest share of revenue received by MIRA, which is 67.16% or MVR 1.12 billion. The next largest revenue was from Income Tax which is 6.60% or MVR 110.70 million. In addition, Green Tax amounted to MVR 84.35 million (5.10%), Airport Development Fee amounted to MVR 74.33 million (4.50%), Departure Tax amounted to MVR 72.93 million (4.34%) and other taxes and fees amounted to MVR 205.10 million (12.30%).
Out of the revenue collected in November 2023, USD 69.32 million constitutes the dollar collection.
For more information: https://www.mira.gov.mv/Files/GetFile/847eedee-2844-4d37-b134-13989b9ff911